Wednesday, 16 August 2017

Crossrail bump in prices measured

Crossrail bump in prices measured

EVERYONE knows that house prices are going to be boosted by Crossrail. Indeed, they already are being. But by how much? writes Lucy Boon.

The latest research by Lloyds Bank shows that in the South East, despite the Elizabeth Line — stretching from nearby Reading in Berkshire to Shenfield in Essex — not being due to operate a full service until December 2019, house prices have already witnessed an average increase of 22 per cent over the past two years in anticipation of the coming of the new line.

Average house price figures for the Crossrail route show a rise from £344,242 in 2014 to £420,798 in 2016. This compares to an average 14 per cent growth for surrounding local authority areas and a 13 per cent rise for the Greater London area.

Of the 33 stations surveyed along the new Crossrail route, 28 have seen average house price growth for homes in the same postcode sector outpace the average house price growth for the surrounding local authority areas (14 per cent) over the past two years.

To the west of London, the Burnham area has seen the average house price increase by 40 per cent, followed by Slough (34 per cent) and Maidenhead (32 per cent).

These increases have comfortably outpaced the 15 per cent house price growth for the South East region as a whole over the past two years.

Property

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